Monetary policy, crisis and capital centralization in corporate ownership and control networks: A B-Var analysis
Emiliano Brancaccio,
Raffaele Giammetti (),
Milena Lopreite and
Michelangelo Puliga
Structural Change and Economic Dynamics, 2019, vol. 51, issue C, 55-66
Abstract:
Based on a connection between network analysis and B-VAR models, this paper provides a first empirical evidence of the relationships between capital centralization expressed in terms of network control on one hand and monetary policy guidelines and business cycles on the other. Our findings suggest that a tightening monetary policy leads to a decrease in the fraction of top shareholders of network control which results in a higher centralization of capital; and that a higher centralization of capital, in turn, leads to a reduction of GDP with respect to its trend. These relations are confirmed both for the United States and the Euro Area.
Keywords: Network analysis; Ownership and control networks; Centralization of capital; Monetary policy; Business cycle; Financial crisis; B-VAR models (search for similar items in EconPapers)
JEL-codes: C11 D85 E32 E5 G34 (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations: View citations in EconPapers (3)
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0954349X19301912
Full text for ScienceDirect subscribers only
Related works:
Working Paper: Monetary Policy, Crisis and Capital Centralization in Corporate Ownership and Control Networks: a B-Var Analysis (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:51:y:2019:i:c:p:55-66
DOI: 10.1016/j.strueco.2019.08.005
Access Statistics for this article
Structural Change and Economic Dynamics is currently edited by F. Duchin, H. Hagemann, M. Landesmann, R. Scazzieri, A. Steenge and B. Verspagen
More articles in Structural Change and Economic Dynamics from Elsevier
Bibliographic data for series maintained by Catherine Liu ().